There's a little change for it to look worse or only as good as BDBC2.

They redid their rendering engine almost completely and now use some very nice tech including, tile based deferred rendering, dynamic global illumination and so on. (possibility for day-night change. )
The game uses DX11 SM5 and compute shaders quite heavily on PC.Here's their tech presentations, should give nice overview of what they might have in BF3.